CNBC’s cryptocurrency analyst Ran NeuNer is no stranger to bold statements about bitcoin. Last month, he said bitcoin was about to “explode,” claiming he was loading up on the cryptocurrency for his parents.
But his most ambitious statement, made in February 2018, was that bitcoin would surge to more than double its all-time high by the end of the year.
Neuner wasn’t the only one with ambitious price targets for bitcoin. Infamous bitcoin bull Tom Lee still maintains his $20,000+ target for the end of the year. Lee’s fund, Fundstrat, has predicted that bitcoin will hit $64,000 at some point in 2019.
“Bitcoin is about to explode,” according to a tweet by CNBC cryptocurrency analyst and host Ran Neuner. He points to the upcoming bitcoin ETF decisions which he thinks will act as a catalyst for a new bull run. But how accurate is this prediction?
Other proposals were “futures-backed.” In other words, the banks would not buy bitcoin itself. Instead, they would buy futures contracts to back the ETF.
It’s true that a physical bitcoin ETF is more likely to gain approval than a futures-based product. The Securities and Exchange Commission (SEC) has hinted that the futures market is not large or mature enough to support an ETF.
However, if and when a bitcoin ETF is approved, it remains to be seen whether it will involve the physical purchase of bitcoin.
Bitcoin ETF Deadlines Loom
The SEC has set a new deadline of October 26th for comments on nine ETFs. These ETFs were each rejected back in September. However, the SEC has changed the rules, allowing for public comments of support or opposition.
It suggests the SEC is taking these proposals seriously. But don’t take it as a hint that an ETF approval is pending.